1. Expectations for a Federal Reserve rate cut have increased, with CME data showing a 97% probability of a 25 basis point cut in November.
2. The North American Securities Administrators Association reports a "sharp increase" in investigations into technology and digital assets in the U.S., with heightened regulatory scrutiny.
The North American Securities Administrators Association stated earlier this week that new investigations into digital assets and other areas have "significantly increased" since 2022. U.S. regulators have focused on taking enforcement actions against the crypto industry. -Original
3. Ripple plans to appeal the SEC case, with the CEO confident of a favorable outcome, which may impact the regulatory landscape for crypto.
Fox Business reporter Eleanor Terrett posted on X platform that today, Ripple will submit its Form C (civil appeal document), outlining its main arguments for appealing the SEC case in the Second Circuit Court. Given that we saw the SEC appeal nearly everything it lost at the district court level last week, Ripple expects to only appeal the one issue it lost: the district court's ruling that the XRP tokens sold by the company constitute unregistered securities. Last week in Miami, when I interviewed Brad Garlinghouse (Ripple CEO) and Stuart Alderoty (Ripple Chief Legal Officer), they emphasized their strong confidence in Ripple's success in the Second Circuit. Alderoty stated, "I feel very good about our case at the district level. And for a variety of reasons, I feel even better about our case in the Second Circuit. The Second Circuit traditionally does not favor the SEC. They also do not like regulatory overreach. Statistically, if they lose, the chances of the Second Circuit overturning the original ruling are about 10% or lower. So, I feel, as a litigator, I’m a bit superstitious; I don’t like to predict outcomes, and certainly won’t guarantee results, but I feel very good about the outcome in the Second Circuit. I think they will not only support Judge Torres, but I think they will go even further. I believe they will strengthen her ruling. At that point, the SEC will again be in a position of losing, and whether to appeal this case to the Supreme Court will be up to them." When I asked Garlinghouse about the likelihood of the case being appealed all the way to the Supreme Court, he told me, "I am very confident we will win the appeal, which will really deal a fatal blow to Gary Gensler's entire cryptocurrency regulatory agenda." He added, "Honestly, I’m not worried about it at all. I’m confident because I believe we stand on the side of legal justice. I think we stand on the right side of history." -Original
4. Microsoft will vote on "evaluation of investing in Bitcoin" at the December shareholder meeting, with management recommending against the proposal.
Microsoft has included "evaluation of investing in Bitcoin" in the voting agenda ahead of its annual shareholder meeting in December 2024. The company noted in documents submitted to the U.S. Securities and Exchange Commission that the board recommends voting against the proposal. -Original
5. The South Korean Financial Services Commission plans to push for legislative review of the shareholder and governance structure of crypto exchanges to strengthen regulation.
The South Korean Financial Services Commission announced it is pushing for relevant legislation to determine the qualifications of major shareholders and governance structures of virtual asset exchanges. Currently, under existing laws, including the "Virtual Asset User Protection Act," the FSC lacks statutory authority to review shareholders. During a National Assembly audit, FSC Chairman Kim Byoung-hwan stated that an amendment to the "Specific Financial Transaction Information Reporting and Use Act" has been submitted to provide legal grounds for the FSC to assess the qualifications of major shareholders. -Original
6. Coinbase Ventures shifts its investment focus from "pure crypto" to "crypto + AI," emphasizing technological integration.
Coinbase Ventures plans to shift its investment focus from "pure crypto" to "crypto + AI," with Coinbase Ventures head Hoolie Tejwani stating, "Our core belief is that crypto and blockchain-based systems are a natural complement to generative artificial intelligence. These two secular technologies will intertwine like the DNA double helix, building the framework for our digital lives." -Original
7. GSR undergoes executive changes, with co-CEO and CTO departing, raising market interest in its subsequent strategic adjustments.
GSR's co-founder and co-CEO Rich Rosenblum, along with Chief Technology Officer John MacDonald, will be leaving the company. This leadership change marks another significant executive shift for GSR this year. -Original
8. BlackRock warns that the market may underestimate the risk of U.S. presidential candidates questioning election results, which could lead to legal battles.
Jean Boivin of BlackRock Investment Institute stated that the market is underestimating the risk of some U.S. presidential candidates contesting the election results next month. A controversial victory could lead to "weeks of very chaotic legal battles," which could shake risk assets. While the stock market remains near historical highs, government bonds have already been impacted by selling pressure. Attempting to trade around the U.S. election is "foolish," and the real focus should be on the contentious election scenario, which the market has not fully reflected. If investors want to prepare for a certain situation, a disputed U.S. election result is one such scenario. Due to the tight race, voters and investors are increasingly likely to wait until after election night to know the results—especially if any candidate chooses to contest the vote count in key swing states. -Original
9. Tether suggests Turkey issue digital tokens for boron minerals, exploring blockchain applications in the commodities market.
Tether Holdings Ltd. is attempting to persuade Turkey to use digital assets to overhaul the country's boron market, marking the latest sign of the cryptocurrency industry's pillars seeking further growth through the commodities sector. Insiders revealed that the stablecoin issuer Tether proposed to government officials to create digital tokens representing boron minerals using blockchain technology. Tether also suggested establishing a digital asset exchange in Istanbul. A Turkish government official stated that the boron proposal is currently not feasible, while an official from the Turkish Ministry of Energy indicated that negotiations with Tether are still in the early stages. Boron products are primarily used in the manufacture of ceramics, detergents, fertilizers, and glass. Turkey's monopoly supplier, the state-owned Eti Maden General Directorate, estimates that the country's boron reserves account for over 70% of the global total. The Turkish government predicts sales will reach approximately $1.3 billion in 2024. While it is unclear why Tether is focusing on boron and what benefits the proposal may bring, Turkey is attractive to digital asset companies due to high inflation and the depreciation of the lira, which have driven cryptocurrency adoption. Data from blockchain intelligence firm Chainalysis shows that Turkey received nearly $137 billion in cryptocurrency inflows in the 12 months ending June this year, ranking seventh globally. -Original
10. Binance executive Tigran Gambaryan released after nearly eight months of detention in Nigeria, drawing widespread attention.
Binance CEO Richard Teng posted on X platform, "We are deeply relieved and grateful that Tigran Gambaryan has finally been released after nearly eight months of detention in Nigeria. During this difficult time, Tigran showed tremendous strength, and we commend his resilience in such severe adversity. We are very thankful to everyone who dedicated countless hours to support Tigran's release. Tigran's health and well-being remain our top priority, and we are glad he can now receive the medical care and rest he urgently needs with his family. Binance remains committed to working with global regulators to ensure compliance and transparency in the ever-evolving digital asset space. We look forward to putting this incident behind us and continuing our efforts to create a brighter future for the global blockchain industry. Nigeria's young, tech-savvy population has a strong interest in digital finance and is fully capable of leveraging blockchain technology to address economic and social challenges. We look forward to playing a constructive role in this effort." Earlier news indicated that the Nigerian government dropped charges against Binance executive Tigran Gambaryan. -Original
11. Standard Chartered analysts expect Bitcoin to test historical highs on U.S. election day, sparking market discussions.
Standard Chartered analyst Geoff Kendrick expects Bitcoin to return to above $73,000 historical highs on U.S. presidential election day. Kendrick's prediction is based on Bitcoin derivatives and trading volume indicators. -Original
12. Three Arrows Capital co-founder Zhu Su believes the value accumulation of Solana's meme coins is similar to Ethereum's ICO in 2017.
Three Arrows Capital co-founder Zhu Su posted on social media, stating, "The best analogy for the value accumulation of Solana's meme coins is the Ethereum ICO and ETH in 2017. Institutions may not directly participate in the ICO but buy ETH, so the ICO acted as Ethereum's beta throughout the year." -Original
13. European digital asset platform STOKR completes $7.98 million financing, plans to establish a Bitcoin reserve.
European digital asset platform STOKR has completed a $7.98 million financing round, planning to use most of the funds to establish one of the first corporate Bitcoin reserves in Europe. This round of financing was led by Fulgur Ventures, including 100 Bitcoins (approximately $6.78 million) and €1.2 million in cash (totaling €7.4 million). STOKR stated that it will emulate MicroStrategy's strategy and actively expand its Bitcoin reserves over the next few years. Additionally, the company plans to launch tokenized assets based on Bitcoin and develop institutional tokenization infrastructure on native Bitcoin Layer 2 technologies (such as Liquid Network). STOKR's co-CEO Arnab Naskar stated that establishing a Bitcoin reserve is an important step for the platform's development in the field of Bitcoin derivatives tokenization. -Original
14. The competition for deposit rates among South Korean crypto exchanges has drawn regulatory attention, with the Financial Supervisory Service seeking solutions.
Following the implementation of South Korea's "Virtual Asset User Protection Act," local crypto exchanges such as Bithumb have engaged in a competition for deposit rates. Lee Bok-hyun, head of the Financial Supervisory Service (FSS), stated, "We are understanding the current state of the industry and are particularly discussing how to address the ongoing investigations into Bithumb and related issues in a market-driven manner." Kim Byoung-hwan, chairman of the Financial Services Commission (FSC), also commented, "Due to pricing issues, we need to be cautious in direct regulation, but we will strive to find solutions." The competition for deposit rates began on July 19, when Upbit announced a 1.3% rate. In response, Bithumb launched a 2.0% rate, prompting Upbit to raise its rate to 2.1%. Bithumb then further increased its rate to 2.2%. As Korbit joined the competition with a 2.5% rate, Bithumb raised its rate again to 4.0%. However, after the FSS intervened, Bithumb withdrew the 4.0% rate. -Original
The above is a selection of hot topics from the past 24 hours. For faster news, please download AICoin (aicoin.com).
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